The Biden administration’s economic policies have come under intense scrutiny after the latest employment data was released, which significantly lowered job growth expectations for November. President Joe Biden hit back at critics.

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Claim

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Biden claimed the US was adding jobs at a “record pace” since January, with more than 6 million jobs.

The president tweeted, “America is adding jobs at a record pace and nearly 6 million new jobs have been created since we were sworn in on Jan. 20. Our economy is headed in the right direction, but we have more to do “

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But the slow pick-up in November with 210,000 new jobs has drawn some criticism, with former President Donald Trump’s son Eric Trump, calling it “the worst jobs number we’ve seen in a long time”. Time” in an interview with Fox News.

Fact

Although both the claims seem to contradict each other, they represent two sides of the same coin. However, more specifics are needed to assess the current state of the labor market.

According to the US Bureau of Labor Statistics (BLS), the US economy added just 210,000 non-farm payroll jobs in November, the lowest since December 2020, and well below market expectations of 550,000.

However, the figures for this year so far are quite strong. Unemployment across the country also declined by 0.4 per cent in November; At 4.2 percent, the current level is closing in on the 60-year low seen between 2018 and 2020.

Jobs added in November put at around 6.11 million new jobs so far for 2021, supporting the second part of Biden’s claim. Even excluding undisclosed December figures, it marks the largest year-over-year increase in US history and the largest proportionate increase since 1964 (about 3.93 percent year-on-year as of October).

For comparison, the Trump presidency’s highest annual employment growth was recorded in 2016 (+1.68 percent), while his final year saw a decline of 5.86 percent as a result of the COVID pandemic-induced hit on the jobs market.

But assessing whether the labor market is actually expanding at a “record pace” is a bit tricky. While it’s true that both the total figure and the average monthly profit for the year (555,000 according to BLS data) are at historic highs, November’s increase is the modest increase so far this year.

To claim that this is the “worst number in a long time”, as Eric Trump did, would be an exaggeration, with job growth dropping to 306,000 as recently as December 2020. But the latest figure is still low enough to make a dent. Biden claims “record speed”.

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Half truth

Biden is right to say that the US economy has added 6 million jobs (actually, 6.11 million more counting) since January 2021. His claim of “record pace” growth in employment is more problematic, however: even though the annual figures are indeed record-breaking, last month’s numbers reflect the current labor market slowdown. That’s why we consider his claim as half-truth.

Fact Check by Newsweek